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A playful way of saying "LOL".
(or laugh out loud)
The Lawl part is derivative of the sound lol makes when said aloud.
And the -erbee part is the playful twist.

Also: you can add more -e's to the end of the word to represent more humor expressed.
"What do you call cheese that isn't yours?"
"idk what?"
"Nacho Cheese! Teehee."
by FrankFATALITY!™ July 23, 2009